• Describe how to properly identify, evaluate, document and respond to risks of material misstatement due to either fraud or error
• Recognize best practices for effective and efficient engagement team discussions and other risk assessment activities
• Identify how to link assessed risk of material misstatement to the design of the nature, timing and extent of further audit procedures

• Audit Risk Components: Inherent Risk, Control Risk, & Detection Risk – Understanding the underlying intent of each of the components, and key considerations in properly assessing and documenting the basis for conclusions
• Identifying & Evaluating Risk – How to synthesize all the information gathered throughout the risk assessment process into a concise summary of risk assessment conclusions
• Determining Significant Risks Requiring Special Audit Considerations – What differentiates this type of risk from other types of risks of material misstatement, and what that means in regards to the nature, timing and extent of further audit procedures
• Engagement Team Discussion – Common deficiencies in the performance of this required important activity
• Linking Assessed Risk of Material Misstatement to the Detailed Audit Plan – How judgment calls directly influence the effectiveness and efficiency of the detailed audit plan
• Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement

• None

 SPEAKER BIO